“Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.”

And the percentage changes in wage rates would be the same for all job grades.

Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.

I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.

Credit-default swaps, I think, have serious problems associated with them.

Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.

[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.

This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.

History has not dealt kindly with the aftermath of protracted periods of low risk premiums.

Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.

Derivatives have permitted the unbundling of financial risks.

Greenspan, who knew so much more than most, knew far less than most supposed.

It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.

If I’ve made myself clear, I’ve misspoken.

…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.

Excessive optimism sows the seeds of its own reversal.